Bosses at TVNewsweb are expected to announce new plans for the online video news service next week after 34 staff were made redundant.
All staff at TVNewsweb, which was launched last year, were told on Friday that the business would not be able to continue operating in its current form or pay staff wages after investors, including RIT Capital Partners and Baltic Investments, withdrew their backing for future expansion.
Managing director Bill Hood said he was involved in talks to restructure the company, but that there were no guarantees that any of the staff would be re-employed in the new business.
The company was due to sign a deal with the BBC to sell its news footage through the site, but delays in finalising the contract are believed to have contributed to its financial difficulties.
"What we introduced was a new way of selling news, and there is a great sense of disappointment that we weren’t given time to fulfil our potential," said Hood.
By Julie Tomlin